Regulatory Filings • Nov 19, 2019
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Download Source FileFWP 1 a19-23423_1fwp.htm FWP
Filed Pursuant to Rule 433
Registration Statement No. 333-225076
November 19, 2019
*FINAL TERM SHEET*
*November 19, 2019*
*2.000% Senior Notes due 2024*
*2.375% Senior Notes due 2029*
*3.125% Senior Notes due 2049*
| Issuer: | The Estée Lauder Companies Inc. |
|---|---|
| Security: | 2.000% Senior Notes due 2024 (the 2024 Notes) |
| Size: | $500,000,000 |
| Maturity Date: | December 1, 2024 |
| Coupon: | 2.000% |
| Interest Payment Dates: | June 1 and December 1, commencing June 1, 2020 |
| Price to Public: | 99.421% |
| Benchmark Treasury: | 1.500% due October 31, 2024 |
| Benchmark Treasury Price and Yield: | 99-13+; 1.622% |
| Spread to Benchmark Treasury: | + 50 bps |
| Yield: | 2.122% |
| Optional Redemption: | At any time prior to November 1, 2024 (one month prior to the maturity date of the 2024 Notes), Make-Whole Call at Treasury + 10 bps |
| On or after November 1, 2024 (one month prior to the maturity date of the 2024 Notes), Par Call | |
| Reference Treasury Dealers: | BofA Securities, Inc., Citigroup Global Markets Inc. or J.P. Morgan Securities LLC |
| Expected Settlement Date: | November 21, 2019 (T+2) |
| CUSIP / ISIN: | 29736R AN0 / US29736RAN08 |
| Anticipated Ratings: | A1 (stable) by Moodys Investors Service, Inc. A+ (stable) by Standard & Poors |
| Joint Book-Running Managers: | BofA Securities, Inc. Citigroup Global Markets Inc. J.P. Morgan Securities LLC BNP Paribas Securities Corp. MUFG Securities Americas Inc. |
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| Co-Managers: | Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. ICBC Standard Bank Plc RBC Capital Markets, LLC SG Americas Securities, LLC U.S. Bancorp Investments, Inc. BBVA Securities Inc. Loop Capital Markets LLC Siebert Williams Shank & Co., LLC |
|---|---|
| 2.375% Senior Notes due 20 29 | |
| Issuer: | The Estée Lauder Companies Inc. |
| Security: | 2.375% Senior Notes due 2029 (the 2029 Notes) |
| Size: | $650,000,000 |
| Maturity Date: | December 1, 2029 |
| Coupon: | 2.375% |
| Interest Payment Dates: | June 1 and December 1, commencing June 1, 2020 |
| Price to Public: | 99.046% |
| Benchmark Treasury: | 1.750% due November 15, 2029 |
| Benchmark Treasury Price and Yield: | 99-22+; 1.783% |
| Spread to Benchmark Treasury: | + 70 bps |
| Yield: | 2.483% |
| Optional Redemption: | At any time prior to September 1, 2029 (three months prior to the maturity date of the 2029 Notes), Make-Whole Call at Treasury + 15 bps |
| On or after September 1, 2029 (three months prior to the maturity date of the 2029 Notes), Par Call | |
| Reference Treasury Dealers: | BofA Securities, Inc., Citigroup Global Markets Inc. or J.P. Morgan Securities LLC |
| Expected Settlement Date: | November 21, 2019 (T+2) |
| CUSIP / ISIN: | 29736R AP5 / US29736RAP55 |
| Anticipated Ratings: | A1 (stable) by Moodys Investors Service, Inc. A+ (stable) by Standard & Poors |
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| Joint Book-Running Managers: | BofA Securities, Inc. |
|---|---|
| Citigroup Global Markets Inc. J.P. Morgan Securities LLC BNP Paribas Securities Corp. MUFG Securities Americas Inc. | |
| Co-Managers: | Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. ICBC Standard Bank Plc RBC Capital Markets, LLC SG Americas Securities, LLC U.S. Bancorp Investments, Inc. BBVA Securities Inc. Loop Capital Markets LLC Siebert Williams Shank & Co., LLC |
| 3.125% Senior Notes due 2049 | |
| Issuer: | The Estée Lauder Companies Inc. |
| Security: | 3.125% Senior Notes due 2049 (the 2049 Notes) |
| Size: | $650,000,000 |
| Maturity Date: | December 1, 2049 |
| Coupon: | 3.125% |
| Interest Payment Dates: | June 1 and December 1, commencing June 1, 2020 |
| Price to Public: | 98.769% |
| Benchmark Treasury: | 2.250% due August 15, 2049 |
| Benchmark Treasury Price and Yield: | 99-25+; 2.259% |
| Spread to Benchmark Treasury: | + 93 bps |
| Yield: | 3.189% |
| Optional Redemption: | At any time prior to June 1, 2049 (six months prior to the maturity date of the 2049 Notes), Make-Whole Call at Treasury + 15 bps |
| On or after June 1, 2049 (six months prior to the maturity date of the 2049 Notes), Par Call | |
| Reference Treasury Dealers: | BofA Securities, Inc., Citigroup Global Markets Inc., or J.P. Morgan Securities LLC |
| Expected Settlement Date: | November 21, 2019 (T+2) |
| CUSIP / ISIN: | 29736R AM2 / US29736RAM25 |
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| Anticipated Ratings: | A1 (stable) by Moodys Investors Service, Inc. A+ (stable) by Standard & Poors |
|---|---|
| Joint Book-Running Managers: | BofA Securities, Inc. Citigroup Global Markets Inc. J.P. Morgan Securities LLC BNP Paribas Securities Corp. MUFG Securities Americas Inc. |
| Co-Managers: | Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. ICBC Standard Bank Plc RBC Capital Markets, LLC SG Americas Securities, LLC U.S. Bancorp Investments, Inc. BBVA Securities Inc. Loop Capital Markets LLC Siebert Williams Shank & Co., LLC |
Note : A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The Estée Lauder Companies Inc. has filed a registration statement (including a prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, The Estée Lauder Companies Inc., any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free at 1-800-294-1322, by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146 or by calling J.P. Morgan Securities LLC collect at 1-212-834-4533.
This final term sheet supplements, and should be read in conjunction with, The Estée Lauder Companies Inc. preliminary prospectus supplement dated November 19, 2019 and accompanying prospectus dated May 21, 2018 and the documents incorporated by reference therein.
Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.
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